News & Scoops

2009 April 10

Searle's Strategy

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(NEW YORK) The current economic climate is striking more than just fear in the hearts of retailers, but they continue to fight--by banding together. New York boutique Searle may have filed for Chapter 11 bankruptcy back in January but the store has recently found a successful partner in women’s sportswear and knitwear brand Magaschoni. Pieces from the Magaschoni collection are available at the five Searle locations in the city with new shipments arriving weekly. And although rumors have swirled that the location on Madison and 84th Street would close, Rick Weinstein, Searle director of sales/marketing, said, “There is no truth to that.”

“Frankly, we needed something like Magaschoni in the store,” he said. “Everything is about getting back on our feet. We want to get out of it. Frankly, anything successful will certainly help us.” The partnership does, according to Weinstein, appear initially to be successful; at least 150 units have been sold at full price in the 10 days since the partnership launched. “We’re very excited,” he said. “A lot of us in the business are questioning things, but it gives us a renewed hope.” Though Weinstein declined to comment on future partnerships “until they come to fruition,” he did say that the company intends to soldier on with additional collaborations. “People are coming to us,” he said. “Searle is famous for being able to sell a tremendous amount of product.”

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